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Basic Steps On How To Get A Credit Card

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Basic Steps On How To Get A Credit Card

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Wondering how to get a credit card? Read on, it’s not all that complicated. However, the process is simple only if you meet certain eligibility criteria. The specifications may vary depending on the bank or card. Your application can be turned down if you don't meet the bank's conditions. Your credit score can suffer if this occurs. Below we’ve outlined the process of getting a credit card which is followed by most institutions though there may be minuscule differences depending on the institution.

Eligibility Criteria: How to get a credit card in India?

If you need a credit card, here are the eligibility criteria that you must meet:

  • The applicant must be at least 18 years old. However, 21 years old is the minimum age requirement in several banks. The maximum age limit varies as well and is typically 60 years or so.
  • Minimum income must range from ₹1 lakh to ₹3 lakh. You're eligible for a specific thing based on your yearly salary. However, it's essential to confirm this requirement with your bank because it varies depending on which issuer you select.
  • The applicant must either work for a salary or be self-employed.
  • Applicants may be citizens, residents, or non-residents. A few cards, however, are solely accessible to Indian citizens.

Documents Required: How to get a credit card in India?

The supporting documentation you must submit with your application would vary from bank to bank. However, the following is a listing of a few of the essential papers you must submit:

  • Filled-out application
  • Passport-size photographs
  • Identity proof (Photocopy of Aadhaar card, PAN card, passport, etc.)
  • Residence proof (Driving license, utility bills, Aadhaar card, PAN card, etc.)
  • Recent salary slips
  • Bank statements
  • Form 16

If you are a self-employed individual and want to get a credit card, you must submit:

  • Proof of income
  • Statement of accounts
  • Proof of your business

If you are a student and need a credit card, you would be required to submit your student ID proof along with your application.

How to get a credit card: Step-By-Step Procedure

1. Choose which card you want 

Each bank provides a wide range of credit card choices. The card you want will be based on your expected usage, requirements, and desired advantages. For instance, certain credit cards are excellent for travelers, others may be excellent for business, and some are intended with entertainment in mind. Visit the credit card section of your bank to determine which card is best for you. Once you've decided which card is best for you, check with the bank to see if you qualify and what paperwork you need to send with the credit card application.

2. Make an application

Get all your paperwork ready; banks typically require confirmation of name, address, and income. You might not need to do it if you are currently their customer. Apply online, at an ATM, or stop by your local bank with the necessary paperwork. The annual fee for the majority of cards is usually removed once you spend a particular amount in a calendar year. Your monthly statement will contain the yearly charge.

3. Activate the credit card

The Credit Card is sent to the communication address once the application has been authorized. When it is delivered, you will have to verify it and provide identification documentation. In contrast to how a PIN (personal identifying number) is typically delivered to you, the Green PIN is sent to your registered mobile phone number. To authenticate any Credit Card transaction, you will require the PIN. Once you have the credit card and PIN in your possession, change the PIN at the closest ATM of your bank.

The Bottom Line

Remember that each bank's credit card comes with a variety of features and benefits to suit your needs. You can choose from a variety of deals that are accessible on the credit card to receive cashbacks and immediate discounts. Once you go through with the procedure for application, it is only a matter of time until you receive your credit card at your address. 

FAQs

1. How to get a student credit card? 

A student credit card is available to college students. Since there is no upper income limit on qualifying for the credit card, any student over the age of 18 may apply. These credit cards feature a five-year validity life and lower interest rates. For the purpose of issuing a student credit card, several banks and financial organizations have developed various sets of eligibility requirements. The only people qualified to submit a credit card application are those who fit the requirements:

  • Some financial institutions, like the State Bank of India, solely offer credit cards to borrowers of student loans.
  • Once you satisfy the bank's eligibility requirements, you can inquire with the bank further about the application process.
  • Different banks use different procedures. Therefore, it is essential to discuss the bank-specific requirements for making a student credit card application with the bank representative.
  • While some banks let you submit an application online, others might mandate that you visit the bank location and do so in person.

2. How to get a credit card without a job?

Here is how you can get a credit card without a job:

  • By issuing secured credit cards. Secured credit cards offer the same advantages as their unsecured counterparts and yet are issued in exchange for a person's set deposits. Secured credit cards protect lenders from the possibility of default, enabling them to establish eligibility requirements that are significantly more lenient than those for regular credit cards. 
  • Mention in your application if you're currently unemployed but earn a consistent income from other sources, such as mutual fund dividends, professional fees, and so forth. Your ability to repay the credit card debt on time is mostly assessed by the credit card providers.
  • If someone in your family already has a standard or primary credit card, you can choose any add-on credit card even if you don't have any fixed deposit investments or income evidence. The principal cardholder's spouse, parents, siblings, and children who are at least 18 years old may apply for an add-on card, which is an extra card that is authorized under the existing primary credit card.
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